Southwest Airlines Co. Class Action Lawsuit - LUV
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The Southwest Airlines class action lawsuit seeks to represent purchasers or acquirers of Southwest Airlines Co. (NYSE: LUV) publicly traded securities between June 13, 2020 and December 31, 2022, inclusive (the “Class Period”). Captioned Teroganesian v. Southwest Airlines Co., No. 23-cv-00115 (S.D. Tex.), the Southwest Airlines class action lawsuit charges Southwest Airlines and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Southwest Airlines class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Southwest Airlines class action lawsuit must be filed with the court no later than March 13, 2023.
CASE ALLEGATIONS: Southwest Airlines is a major U.S.-based airline carrier.
The Southwest Airlines class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Southwest Airlines continuously downplayed or ignored the serious issues with the technology it used to schedule flights and crews, and how it stood to be affected worse than other airlines in the event of inclement weather; and (ii) Southwest Airlines did not discuss how its unique point-to-point service and aggressive flight schedule could leave it prone to greater cancellations in the event of inclement weather.
During the 2022 winter season, storms disrupted the holiday travel season. As a result, Southwest Airlines cancelled thousands of flights, accounting for the vast majority of domestic flight cancellations. Thereafter, on December 26 and December 27, 2022, several news outlets published various articles detailing Southwest Airlines’ operational meltdown. For example, Business Insider published an article entitled “US Department of Transportation says it plans to look into Southwest Airlines following the airline’s ‘unacceptable’ holiday flight cancellations.” On this news, Southwest Airlines’ stock price dropped more than 12%.
Then, on December 31, 2022, The New York Times published an article entitled “The Shameful Open Secret Behind Southwest’s Failure,” which discussed how it was an “open secret” within Southwest Airlines that it needed to modernize its scheduling systems. On this news, Southwest Airlines’ stock price declined, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded Southwest Airlines securities during the Class Period to seek appointment as lead plaintiff in the Southwest Airlines class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Southwest Airlines class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Southwest Airlines class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Southwest Airlines class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.